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Tether liquidates Celsius position with ‘no losses’ to stablecoin issuer

Tether’s Bitcoin (BTC)-denominated loan to Celsius Network has been fully liquidated without a loss, easing concerns that the stablecoin issuer may have oversized exposure to the embattled crypto lender. In a statement issued Friday, Tether explained that its lending arrangement with Celsius prevented any downside risk to its underlying business. Specifically, the BTC-denominated loan issued to Celsius was overcollateralized by 130%, and the original agreement allowed Tether to liquidate the collateral to cover the loan. “This process was carried out in a way to minimise as much as possible any impact on the markets and in fact, once the loan was covered, Tether returned the remaining part to Celsius as per its agreement,” the statement read. “Celsius position has been liquidated with no losses to Tether.” Rumors of Celsius’ insolvency began circulating last month after the crypto lender was forced to halt withdrawals due to “extreme market conditions.” Details of massive losses and l..

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Croatian Web3 startup offers lifetime Netflix and Spotify membership via NFTs

On Friday, Web3 subscription and ticketing solution provider Revuto announced a novel subscription model for Netflix and Spotify, using a nonfungible token (NFT) solution. Revuto said it would offer a lifetime digital subscription for Netflix and Spotify via its Revolution NFT. A total of 10,000 users would be eligible to get their hands on the unique subscription model. Dino Ivankovic, head of business development at Revuto explained how these subscription-based NFTs could become an ecosystem of their own. He told Cointelegraph: "We aim to bring more control to the end-user. NFT technology will allow users to monetize their unused subscriptions by sending or selling them to others who will be using them. Users might be able to even rent it in the future."These subscription NFTs can be traded on crypto exchanges as well, allowing for the growth of a secondary market for these types of NFTs. Once the NFT changes hands, the old user’s digital debit card would get canceled and the new own..

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Hong Kong securities regulator CEO to lead UK financial watchdog

Ashley Alder, the CEO of Hong Kong’s Securities and Futures Commission, will become the next chair of the United Kingdom’s Financial Conduct Authority. In a Friday announcement, the U.K. Treasury said it had appointed Alder to chair the country’s financial watchdog starting in January 2023. He will succeed interim FCA chair Richard Lloyd, who took office following Charles Randell’s departure in May. Alder has led the Hong Kong securities regulator since 2011 and also chaired the International Organization of Securities Commissions, or IOSCO. In a March report from the IOSCO, Adler said decentralized finance was “a novel and fast-growing area of financial services” but posed potential risks as the industry grew. In his acceptance to chair the FCA, Alder said the financial watchdog would help “chart the U.K.’s post-Brexit future as a global financial centre which continues to support innovation and competition through its own world-leading regulatory standards.” The U.K. regulator moni..

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Know thy customer: The future of KYC in crypto

Crypto and Know Your Customer (KYC) guidelines seem to be an unhappy marriage — pseudonymity in the digital currencies’ DNA doesn’t match the old-school centralized protocols of traditional finance, but cohabitation is inevitable for the maturing industry. The tension never really goes away, but even before recent months’ market failures for crypto, the regulators have been clearly hogging the blanket, nudging the established platforms toward more strict authentication procedures and cutting the privacy-hardline players off the market. Cardano co-founder Charles Hoskinson expressed a popular opinion from the industry side in the United States Congress when he told legislators that no regulators are doing a good job with KYC and Anti-Money Laundering (AML) safeguards at the moment. But, will the crypto community reach the point both technically and reputationally when it would get an opportunity for a more decentralized and more private KYC system? From passport snaps to third-party ..

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Compass Mining retrenches 15% of staff, execs to take major pay-cuts

Ongoing strife in the cryptocurrency space has forced Compass Mining to lay off 15% of its employees while top executives and staff take major pay-cuts. The firm announced its decision to downscale its workforce in a bid to weather difficult market conditions, just a week after the resignation of CEO Whit Gibbs and chief finance officer Jodie Fisher. Chief technology officer Paul Gosker and chief mining officer Thomas Heller have taken over the reins at the firm as interim co-presidents and CEOs. The duo penned a letter to staff, investors and the wider community outlining the company’s road ahead. While 15% of the company’s workforce faces difficult layoffs, the acting CEOs also announced that senior employees and its executive team will take significant pay cuts of up to 50%. The Compass Mining website currently displays its workforce — with 78 individuals making up the current team. Cointelegraph has reached out to the company to ascertain the exact number of staff that will leave ..

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What is BNB auto-burn and how does it work?

BNB and its role in the blockchain ecosystemBinance Coin (BNB) is the Binance ecosystem’s native cryptocurrency. Launched in 2017, BNB was originally presented as an ERC-20 token on the Ethereum blockchain with a total supply of 200 million. In 2019, Binance started its mainnet swap and migrated all BNB tokens to BNB Chain. Related: A beginner’s guide to the BNB Chain: The evolution of the Binance Smart Chain BNB Chain is composed of two blockchains, both powered by BNB: BNB Beacon Chain: Previously called Binance Chain, this blockchain handles BNB Chain governance functions such as voting and staking.BNB Smart Chain (BSC): Once known as the Binance Smart Chain, this blockchain uses the Ethereum Virtual Machine to support smart contracts and is fully compatible with Ethereum’s tools and decentralized apps (DApps).The native Binance Coin is now an essential part of the Binance ecosystem. It is used to power the operations of the Binance and Binance.US exchanges, including other applicat..

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Web3 activists fight for reproductive rights with NFTs, DAOs and protests

Web3 community members are fighting back against the United States Supreme Court’s ruling to overturn Roe v. Wade. On June 24, the landmark court case, which previously assured the right to have an abortion, was overturned, sparking a backlash among reproductive rights activists in the United States. Some activists have turned to Web3 solutions, creating decentralized autonomous organizations (DAOs) and nonfungible token (NFT) projects focused on raising awareness for women’s reproductive rights. One of the earliest of these efforts was demonstrated by Nadya Tolokonnikova, a member of the performance activist group Pussy Riot. Tolokonnikova told Cointelegraph that about three weeks ago, members of Pussy Riot and UnicornDAO — a group redistributing wealth and visibility for women-identified and LGBTQ+ people — staged a protest at the Texas State Capitol in response to the leaked draft opinion demonstrating the Supreme Court’s eventual decision to overturn Roe v. Wade. She said: “The p..

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This ‘biblical’ Bitcoin pattern suggests BTC price can rise 30% by October

Bitcoin (BTC) may be down 70% from its November 2021 peak, but its rebound move in the past three weeks is raising the possibility of more upside in Q3. Bitcoin eyes 30% price rallyAt the core of the bullish argument is a technical pattern called the "Adam-and-Eve double bottom." Notably, the structure appears when the price forms two bottom-and-recovery cycles. The first cycle, called "Adam," features a pointed bottom while the other, called "Eve," is round-shaped. Also, the peaks of both cycles form a common resistance line. The Adam-and-Eve pattern resolves after the price breaks above the resistance line, accompanied by a rise in trading volume. As a rule of technical analysis, the breakout's target typically comes at a length equal to the maximum distance between the pattern's lowest point and resistance line. BTC/USD four-hour price chart featuring Adam-and-Eve pattern. Source: TradingViewGiven the technical descriptions, BTC/USD has been nearing an Adam-and-Even pat..

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Mind games: Bitcoin education at an escape room in Lebanon

Bitcoin (BTC) sets people free. At least, that was the story at Lebanon’s first Bitcoin-themed escape room in Beirut. Lebanese Bitcoiners from the group Bitcoin du Liban took on the latest Bitcoin education challenge — Bitcoin Escape the System. The best part? The team of four snuck out of the escape room in the fastest time to date. For the uninitiated, an “escape game” or “escape room” is a team game where players work together to solve puzzles, clues and conundrums usually based on a theme such as spies, zombies and now, Bitcoin. As per the name, the mission is to “escape” the site of the game within a certain time. Sooly Kobayashi, MENA advisor for Swan Bitcoin and a moderator at Bitcoin du Liban, told Cointelegraph that “All of us (except one) had never played escape rooms before. We entered the room without relying on our Bitcoin knowledge.” However, they likely had a slight advantage over those new to Bitcoin. The escape game’s themes revolve around fiat money, time-chain tec..

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Fairfax County highlights the value in the ‘short-term nature’ of yield farming

Virginia’s Fairfax County continues to be a prominent public institutional investor in the cryptocurrency space and is set to diversify its portfolio with a move into yield farming. As previously reported, global asset managers VanEck announced that the Fairfax Employees’ Retirement System and Police Retirement System will invest $35 million into the firm’s crypto lending fund. It’s the latest investment move by the two county-run funds in the cryptocurrency space since their original foray began in 2018. Cointelegraph reached out to Andy Spellar, the chief investment officer of the Fairfax Employees' Retirement System, to unpack their investment in VanEck's crypto lending fund and the reasoning behind it. Spellar confirmed that the Employees' Retirement System (ERS) had committed $25 million to the fund while the Police Officers' Retirement System (PORS) had pledged $10 million. The investment will take place between July and September this year, depending on mark..

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